Ship Sale & Purchase - Key Issues for Buyers & Sellers

Introduction

Buying or selling a second-hand ship involves legal and practical challenges in equal measure.

The standard forms which are used by the market in ship sale transactions provide a good starting point but they are only a platform from which the parties can negotiate the specific terms of their transaction.

This virtual classroom seminar will cover key issues that frequently arise for buyers and sellers from initial offer stage through to delivery.

The session will be conducted through the lens of Saleform 2012 but with comparative commentary on how key issues are addressed (for better or for worse) by other standard forms (Shipsale 22, Nipponsale 1999 and SSF 2011).

In addition to covering ship sale specific issues such as inspections, drydocking, cancelling dates and closing mechanics, the session will cover broader issues relating to ship sales including sanctions, force majeure, finance, remote closings and electronic signing of documents.

With a mixture of legal analysis, practical tips and Q&As, the session will provide you with a better understanding of the legal and practical issues involved in a ship sale transaction and how to address them when negotiating the sale contract and during the period between contract signing and delivery of the ship.

What You Will Learn

This live and interactive session will cover the following:

• Analysis of key issues facing buyers/sellers of second-hand ships, including:
• Contract formation and ‘subjects’
• Inspections and drydocking regime
• Condition at delivery requirements
• Payment requirements
• Force majeure
• Closing mechanics
• Comparative analysis of standard forms (Saleform, Shipsale, Nipponsale, SSF)
• Role of S&P brokers, lawyers, flag, class and banks
• Examination of applicable (English) case law and legislation

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.